Poshmark Stock Blasted with Bear Notes on Dismal Forecast

The security has struggled since first going public in January

Digital Content Manager
Mar 12, 2021 at 10:31 AM
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The shares of Poshmark Inc (NASDAQ:POSH) are down 21.1% at $46.85 at last check, despite the consignment e-tailer reporting a fourth-quarter earnings and revenue beat. What is weighing down the security instead is a disappointing current-quarter outlook, with the company noting that deliveries have struggled due to a harsh winter and Covid-19 restrictions. In turn, at least five analysts handed out price-target cuts for POSH this morning, the most dramatic coming from Cowen and Company to $70 from $88.

The equity has been struggling since first going public in January, with shares dropping to a March 5, all-time low of $44.11. Meanwhile, both the $60 level and 20-day moving average seemed to have emerged as potential ceilings over the last few weeks. In the past month, POSH has lost 31%.  

Analysts are mostly optimistic towards the security, with five of the nine in question carrying a "buy" or better rating, while the remaining four call POSH a tepid "hold." Plus, the 12-month consensus target price of $68.13 is a whopping 40% premium to current levels, indicating more price-target cuts and/or downgrades could be on the horizon.

 

 

 

 

 

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